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problem 1: France exports 400,000 tons of goods per year and imports 300,000 tons of goods. France runs a:

A. Trade surplus
B. Trade deficit
C. Trade tariff
D. Trade benefit

problem 2: According to the Phillip’s curve, if unemployment decreases ___________ also decreases:

A. Production
B. GNP
C. GDP
D. Interest rates

problem 3: The type of unemployment where only frictional unemployment exists is called:

A. Full employment
B. Cyclical employment
C. Seasonal employment
D. Structural employment

problem 4: Given a closed economy, the marginal propensity to save can be find outd by:

A. 1-MPC
B. Change in GDP
C. 1/MPC
D. Imports-Exports

problem 5: Taking into account the model, Y = C + I + G + X – M, what effect would a sharp decrease in consumer spending have on the GDP:

A. GDP would decline
B. GDP would increase
C. GDP would stay the same
D. GDP will change, but unable to determine direction.

problem 6: Given severe drought in Russia, the price of winter wheat has increased across the globe. What kind of inflation would occur due to this price increase:

A. Demand-pull
B. Demand-push
C. Cost-pull
D. Cost-push

problem 7: During the past year inflation increased as well as the unemployment rate. What term best describes what happened in the past year:

A. Stagflation
B. Inflation
C. Economic growth
D. Economic decline

problem 8: The president of Econmia has decided to switch the economy over to a system where the government will decide and limit the amount of production done each year. They wish to more tightly control their economy at the risk of shortages. The type of economy they have chosen to pursue is:

A. Capitalistic
B. Natural
C. Free market
D. Command

problem 9: Seeing the change in Economia, the country next to them has decided to pursue the opposite type of economy where the government places no limitations on producers and supply and demand drives the economy. The type of economy they have chosen to pursue is:

A. Capitalistic
B. Natural
C. Free market
D. Command

problem 10: Carson has the opportunity to trade his candy bar for either a soda, juice, or a sandwich. If he chooses to trade for the soda, what is his opportunity cost:

A. Juice and sandwich
B. Soda
C. Candy bar
D. Juice, sandwich, and candy bar

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